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Why to invest in Greece?
PROGNOSIS
MARKET SITUATION
Greece real estate market is one of the few markets in Europe that still has not recovered from the crisis of 2008. Since then, property prices in the country have fallen by 45.9% in real terms and are at its extreme lows. At the moment prices of real estate in Athens are more than 40% below pre-crisis levels. Situation in other cities is very similar.
Real estate prices in Greece’s urban areas went down just by 0.67% during third quarter of 2017 and started slowly rising afterwards. With the constantly growing tourist number and great interest in Golden visa, which especially attracts non-European citizens, it is expected to continuously grow.
According to experts, the growth in the next 2 to 3 years might reach 30% if negative events do not disturb the market balance.
HOUSE PRICE INDEX
Source: tradingeconomis.com / Bank of Greece
*House price index (HPI) measures changes in the price of residential housing. HPI is calculated by hedonic regression (HR), simple moving average (SMA) and repeat-sales regression (RSR).
In 2015 the real estate market in Greece was often defined by its low demand, high unemployment rate and big taxes. However, this situation has recently started to change.In the first two quarters of 2018, the house price index (HPI), which was decreasing since its peak in 2008, finally showed stabilization in the market. Taking into account continuously nourishing tourism, growing building permits number and various measures adopted by the Greek government, HPI is expected to start growing again. This tendency is reflected in the newest data reports.
Greece left 3d economic adjustment program
3,5% decrease in unemployment in 2017
Reformed labor and product markets
Constantly growing tourism with 31mln visitors in 2017 over 33mln visitors expected in 2018
1,4 % economic growth in 2017
Growing building permits number in 2017
Right time to invest
Crisis is over – the right time to take actions!
WHY NOW?
- Economic recovery in different markets,
- New State-issued incentives, beneficial for foreign investors,
- Wide spectrum of different real estate options in the market,
- Low living expenses for individuals and attractive retail prices for businesses,
- Extremely low real estate prices with the potential to grow in the following few years,
- Affordable real estate in the best areas of the country – historical centre of Athens, Chalkida, Thessaloniki, Crete and most popular resorts,
- An increase in the number of tourists and high interest in short-term rental, which guarantees great annual income.
Source: Air DNA
As 2018 is considered to be a breakpoint
in the real estate market in Greece,
now is the best time to invest in it.